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Praxis Precision Medicines company launches with more than $100M in financing led by founding investor Blackstone Life Sciences
Fremont, CA: A clinical-stage, genetic neuroscience company, Praxis Precision Medicines launches with more than $100 million worth financing since the conception of the company. Praxis was the brainchild of premier life science investors, and the round was led by founding investor Blackstone Life Sciences as well as Novo Holdings, VIda Ventures, Eventide, and other prominent players in the healthcare space. Praxis is developing a precision medicinal approach to develop highly impactful therapies that tackle the underlying causes for both prevalent and rare disorders of the brain with overlapping science.
"Neurology and psychiatry are finally primed for a revolution in how new therapies are discovered and developed, and Praxis' approach has the potential to change the treatment landscape," said Marcio Souza, president and chief executive officer of Praxis. "The combination of the expertise of our team in CNS drug development, insights into CNS biology, and our approach to drug discovery, positions us as at the forefront of the development of novel CNS therapies."
The new company is leveraging recent discoveries in the field of genetics of epilepsy, in which there are elucidated genes, that are dysregulated, drive a range of neuropsychiatric and movement details. By using these insights, Praxis is rapidly advancing a pipeline of treatments that specifically focus on genes that control the imbalance of excitation and inhibition of neuronal circuitry at the center of multiple CNS disorders. Praxis' portfolio is led by PRAX - 114, a GABAA positive allosteric modulator (PAM) in Phase 2 development for major depressive disorder (MDD) treatment and perimenopausal despression, and PRAX-944, a T-type calcium channel blocker, in phase 2 developments for the treatment of major essential tumor. In the coming year, PRAXIS will initiate its first pivotal trial for the PRAX-114 in MDD, report proof-of-concept data for PRAX-944 in essential tremor and advance its earlier stage programs into clinical development for rare epilepsies and other neurological disorders with genetically validated mechanisms.
"As was achieved in oncology decades ago, recent genetic insights have presented meaningful opportunities to treat brain disorders in entirely different and targeted ways based on the specific genetically validated pathways driving a patient's disease," said Kiran Reddy, M.D., co-founder and member of Praxis' board of directors. "We are reducing these insights to practice, to create novel medicines that could fundamentally alter the treatment path and outcomes for patients with brain disorders."
See also: Top Drug Discovery Companies in APAC